Opinion(Gordon Brown, former British Prime Minister and Leader of the Labor Party from 2007 to 2010): “In the patterns of borrowing today, we can already detect parallels with the pre-crisis credit boom. We’re seeing the same over-reliance on short-term capital markets that ultimately brought down Northern Rock, Iceland’s banks and Lehman Brothers. …

“International rules are needed for international banks. Without them, as the International Monetary Fund has warned, global banks will evade regulation ‘by moving operations, changing corporate structures, and redesigning products.’ …

“Political expediency, a failure to think and act globally, and a lack of courage to take on vested interests are pushing us inexorably toward the next crash. We will have another crash soon … because absolutely nothing has been fixed. Indeed, things have only gotten worse since the last crash.

My Comment: As long as we have not defined our own restructuring as a necessary and sufficient condition for the solution to all our problems, we will inexorably approach new problems.[124605]